July 1, 2022
MacManus welcomes agreement on regulation of crypto sector

MacManus welcomes agreement on regulation of crypto sector

Sinn Féin MEP Chris MacManus has welcomed an agreement between Member States and the European Parliament to introduce new regulations on the currently unregulated crypto-assets sector. The Markets in Crypto-Assets (MiCA) Directive signifies that regulation is now being brought to what has been described as the “wild west” of modern finance.

MacManus, who is a member of the Parliament’s negotiating team, welcomed the deal saying:

“I am pleased to see this deal hammered out. The way is now clear for this regulation of the crypto world, or the “wild west” as Fabio Panetta of the ECB described it, to be subject to a level of transparency and regulation. This has been sorely lacking and has left consumers vulnerable when dabbling in crypto-assets especially in the trading of crypto currencies.”

“MiCA also compels companies trading in crypto-assets to disclose the environmental impact of the processes behind the creation of that crypto-asset. As we know, some of these use very environmentally wasteful processes. The deal hammered out here is unfortunately weaker than what I sought and weaker than what was originally agreed by the EU Parliament in this important area but it still represents progress in making sure crypto-assets are monitored to check their environmental impact.”

The Sinn Féin MEP concluded, “This Directive will ultimately improve consumer protection, financial stability and transparency. The Directive must be brought into force as soon as possible so that consumers are protected and investors and others are protected like consumers in any other area of finance.” ENDS

Chris MacManus MEP with EU Parliament negotiating team, Commissioner McGuiness and EU Council representative after agreeing on new crypto regulation legislation


Follow us online

Latest Tweets

Polls are now closed. 

Thanks to everyone who voted Sinn Féin today. 

Thanks to our Sinn Féin candidates, their families and their campaign teams, all of whom ran an incredible campaign for change.

Tosaíonn Athrú Anseo. Change starts here!

🚨Polls open until 10pm! Make sure you come out and vote Sinn Féin.

Vote for change.

Change starts here! 🗳️

#useyourvote #elections2024

If you want CHANGE, vote Sinn Féin today in the local and European elections in the South.

Our candidates will stand up for workers and families, and are committed to building a brighter, better future for all.

Load More